Harmony Office Center II is an office complex situated in Warsaw, which comprises three office buildings. They offer over 18 000 sq. m of leasable space and over 400 parking spaces. Azora Europa I fund sold Harmony Office Center II to Catalyst Core Plus European Property Fund (CCPEPF) managed by Catalyst Capital. The seller was represented by CBRE, whereas the purchaser – by Savills.
The Warsaw office market is expanding very dynamically and there are lots of interesting locations right now. Investments like this one fit our strategy; the envisaged supply of new office buildings in this place is limited and the existing buildings offer architecture of good quality as well as close proximity to greenery and Mokotów Field. This is a location with an established position, high reputation among tenants and historically high leasable level. Hence, we’re really satisfied that Harmony Office Center I enriched our investment portfolio within a new core-plus fund and provides us with a stable and long-term income – says Tomasz Doktór, Catalyst Capital.
The sales of the prestigious Harmony Office Center II office complex after 6 years of management was planned in accordance with our long-term strategy. Since the takeover, we’ve introduced lots of facilities and changed the settings. The renewed contract with Millenium Bank, unique quality and location of the investment create a perfect investment product – says Anna Szelc, who represents Azora Europa.
We’ve been observing the increasing investment activity of funds that are interested in Polish office buildings from year-to-year. The capital office market has very differentiated investments; historical buildings and modern complexes. Hence, investors have lots of options. Today’s transaction is an evidence that there are locations in the very strict city center and prestigious districts offering interesting surroundings and well-development communication infrastructure on radar – says Przemysław Felicki, Director of Capital Market Department, CBRE.
We believe that Harmony Office Center II – office building class A – will generate attractive returns from the investment in our client’s portfolio. The combination of very good location, high quality of office space, pleasant surroundings, profile of incomes, including larger-than-average WAULT (weighted average unexpired lease term), market rent rates and prestigious tenants make this investment safe. It’s confirmed by the high rate of renewed contracts by tenants – says Marek Paczuski, Director of Investment Consultancy Department, Savills.
Azora Europa is a Spanish capital fund. It’s active in Central and Eastern Europe, especially in Poland. After sales of Harmony Office Center II, it owns 5 office complexes in Poland (Cristal Park and Mokotów Plaza in Warsaw, Avatar and Green Office ABC in Krakow and Aquarius Business House in Wrocław).